Currency pair Pound/Dollar GBP/USD continues to move within the correction. At the time of the publication of the forecast, the pound to dollar rate is 1.2999. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3065. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The aim of the downward movement of the currency pair, in the framework of the FOREX forecast for March 12, 2019, is the area at the level of 1.2785.
GBP/USD Forecast Pound Dollar March 12, 2019
In favor of the fall of the pair will test the downward trend line on the indicator of relative strength index (RSI). As well as a rebound from the upper boundary of the descending channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3155. This will indicate a breakdown of the resistance area and continued growth of the Pound Dollar pair to the area above the level of 1.3265. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2920.
Among the important news from the UK, which may have an impact on the GBP/USD pair, is the change in GDP, change in industrial production, the Parliamentary vote on Brexit.
GBP/USD Forecast Pound Dollar March 12, 2019 involves an attempt to test the resistance area near the level of 1.3065. Then the continuation of the fall with the goal below 1.2785. An additional signal in favor of the fall of the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the 1.3155 area. This will indicate a continued rise of the pair with a potential target above level 1.3265.
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